"All the three countries were assessed in terms of financial aspects, business environment, regulations, foreseeability," Sonata Gutauskaitė-Bubnelienė told LRT radio on Thursday.
Board Chairman of Investors’ Forum Rolandas Valiūnas believes that Lithuania had lost the competitive battle to Estonia. SEB’s decision might prompt other companies to consider whether Lithuania is the right choice for large-scale investment, he said.
"They followed their own logic and business interests, and that seems to have been the main thing. After all, they felt it was safer for them this way," he said, adding it would cost dear to Lithuania in a non-direct way.
"Every investment that goes elsewhere, it does not go into the budget in tax. Surely, someone will see the SEB decision and choose Estonia or some other country, and think that Lithuania is not predictable enough," Valiūnas said.
Financial expert Mindaugas Busila said SEB’s move is a consequence of the failure of politicians to hear the interests of businesses.
Estonia has a more predictable regulatory environment, with the legislative framework changing much less frequently, he said.
"In Lithuania, small businesses are highly affected by the constant change of laws, and small businesses simply do not have the power to have a say in the matter. Whereas big business has to deal with it less often, but when it does, it reacts immediately," the expert said.
SEB said Wednesday it will consolidate its three Baltic legal entities into one by way of two cross-border mergers, with headquarters in Tallinn.
The bank said it aims to further support customer growth in the region and to simplify the corporate governance. SEB’s banking operations will continue as usual in all three Baltic countries; Estonia, Latvia, and Lithuania.
